Development Agreement with Sainsbury's

RNS Number : 3429W

Terrace Hill Group PLC

30 January 2012

 



30 January 2012

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

TERRACE HILL SIGNS AGREEMENT WITH SAINSBURY'S FOR 50,000 SQ FT STORE IN SEDGEFIELD

Terrace Hill Group PLC (AIM: THG), a leading UK property development and investment group, announces that it has signed a contract with Sainsbury's for the development of a 50,000 sq ft store with 322 parking spaces in Sedgefield. The development was awarded planning permission by Durham County Council in December 2011, following a public consultation process that showed very high levels of local support for the scheme.

Construction work on the development will start later this year, and is expected to be completed by Easter 2013, resulting in the creation of approximately 250 permanent jobs in the local area.

The deal with Sainsbury's represents further good progress for Terrace Hill's successful and growing foodstore development business. Over the last 24 months the Company has completed three large foodstore schemes at Bishop Auckland, Manchester and Helston and its current committed programme will deliver approximately 652,000 sq ft of new foodstore space, with a substantial pipeline of further development sites in place.

Philip Leech, Chief Executive at Terrace Hill, commented: "We continue to see good levels of activity in the foodstore sector and we expect the growth of our foodstore development pipeline to deliver significant returns for the business."

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For further information, please visit www.terracehill.co.uk or contact:

Terrace Hill                                                                           Tel: [phone]
Philip Leech

FTI Consulting                                                                      Tel: [phone]
Richard Sunderland/Will Henderson /Olivia Goodall 

[e-mail] 

Oriel Securities (Nominated Adviser)                               Tel: [phone]

Gareth Price

Mark Young

Notes to editors:

Terrace Hill Group

Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM.

Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.

 

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